RIYADH: Shares of Saudi Arabia’s United Electronics Co., known as eXtra, shed 0.34 percent at the opening bell of Monday despite the news that it surged 18 percent in net profit over the first nine months of 2022.
Shares of eXtra opened lower at SR87.20 ($23), as of 10:08 a.m. Saudi time.
The Khobar-based retailer’s profit rose to SR319 million ($85 million), compared to SR271 million for the same period a year earlier, it said in a bourse filing.
The result was attributed to higher sales and consumer finance and services sector growth, which led to a gross profit increase of 10 percent.
eXtra’s revenues stood at SR4.5 billion in the first nine months of 2022, a 10 percent year-on-year rise from SR4.1 billion.